Hong Kong's first officially approved Hong Kong dollar-backed stablecoin, HKDAP, has successfully completed real-time transfer testing on Ethereum, involving three licensed companies.
According to a report by the Hong Kong Economic Journal, Anchorpoint Financial, which has obtained a stablecoin issuance license from the Hong Kong Monetary Authority, participated in this test alongside the licensed trading platform supported by OSL Group and Futu Holdings.
The test results for HKDAP on Ethereum indicate that the stablecoin can be issued, transferred, and settled on a public blockchain without any technical failures. This is not a sandbox simulation but a real mainnet transaction, demonstrating that its infrastructure has reached production-grade standards. This is particularly significant as previous stablecoin pilots in Asia have mostly been confined to controlled environments.
A spokesperson involved in the testing stated, “The successful mainnet transfer validates HKDAP's technical architecture and compliance framework, preparing it for issuance.” This statement emphasizes the synchronized development of regulatory approval and blockchain execution, rather than a sequential process.
Why is Hong Kong promoting regulated stablecoins?
Hong Kong's approach stands in stark contrast to the decentralized regulatory attitudes seen in parts of the U.S. and Europe. By issuing licenses to issuers like Anchorpoint Financial and requiring full reserve backing, the Hong Kong Monetary Authority (HKMA) aims to provide a compliant alternative for offshore dollar-pegged stablecoins.
The involvement of OSL Group is also significant. As one of the few licensed digital asset platforms in Hong Kong, OSL provides a regulated entry point for institutional users. Meanwhile, PantherTrade, supported by Futu Holdings, adds another layer of distribution channel connecting traditional brokerage clients with on-chain assets.
“Anchorpoint will issue HKDAP (i.e., Hong Kong dollar parity), a regulated Hong Kong dollar-backed stablecoin, using a business-to-business-to-consumer (B2B2C) model,” the joint venture stated, planning to roll out in phases starting in the second quarter of 2026.
It is worth noting that the global circulation of stablecoins currently exceeds $150 billion, with most denominated in U.S. dollars. Hong Kong's move signifies its attempt to localize this liquidity within its own monetary and regulatory framework.
B2B stablecoin payments: Expected to reach $221 billion by 2025. How will it evolve? Source: X.